Accounting is a constantly evolving industry and has so many categories and subcategories, so in theory you can’t thrive by limiting yourself to the stagnated accounting skills. To grow, innovate, and become an exceptional accounting professional, you need to learn and develop your skills continuously.
Choosing an Accountant that works for you
Choosing an Accountant that works for you – All accountants basically compete with all other accountants, yet we all do pretty well regardless of the number of accountants there are. Part of the reason is that we do a reasonably good job of applying our knowledge and experience to provide value to our clients.
5 Common Tax Mistakes Made by Business Owners
Can you be sure that you’re not making tax planning mistakes for your business? As an entrepreneur, too often you have to wear many if not all the hats and juggle many if not every ball. Which is why it’s not surprising so many entrepreneurs regularly put their tax planning on the back burner. This…
Recession Fears
Recession worries have deepened as the economy posts two consecutive quarters of declining gross domestic product numbers. We advise our clients to pay attention to what happened during previous economic downturns, but also keep in mind how this one could be different…if it does happen. While we can all learn lessons from previous economic cycles,…
IRS Balance-Due Notices
Although the IRS paused some of its compliance and collection notices in 2022, don’t get too comfortable as the IRS can’t suppress about 9 million notices that are dispersed every year. The IRS announced that many balance-due reminder notices would be suppressed until the IRS catches up on processing paper returns, correspondence, and other back-logged…
A Guide to a Successful Financial Audit for Businesses
The financial audit planning process requires careful bookkeeping and good organization. Auditors typically evaluate a business’s bookkeeping and gather supporting documents that will back the journal entries. On occasion an auditor may even conduct a physical procedure like visiting a facility. If your company doesn’t follow the rules, you may end up with penalties to…
Major Differences Between In House Audits and External Audits
While in house and external audit functions are complementary and may need to work closely together, their purposes and areas of focus are different. The Institute of Internal Auditors (IIA) emphasizes that the two functions do not compete or conflict; rather, they both contribute to effective governance. Purpose- An in house audit analyzes and improves…
Expense Fraud- Where, Who, What?
Expense fraud refers to abusing expense reports to use funds for non-authorized purposes. Where is Expense Fraud Most Frequently Spotted? Not all fraud is external fraud, employees often have access to the tools and systems that make it easier for them to commit fraud and cover their tracks. In fact, the Association of Certified Fraud…
Accountants Can Do What?
Accountants can really do so many things, and some of these things people do not realize they can help with. Accounting is more than just staring at numbers all day and making sure things add up right. Accounting is a blend of analysis, problem solving, and even detective work. So what areas can accountants help…
General Ledger VS General Journal
A double-entry system that uses both a general ledger and a general journal is the best method for checking overall statistics and keeping things running smoothly…and profitably. However, to understand how a double-entry accounting system works it is first important to understand the different functions associated with the general ledger and the general journal when…
Payment App Regulations & Taxpayers
Beginning January 1, 2022 the new tax reporting rules for businesses using third-party payment apps such as PayPal, Cash App, Venmo, Zelle, etc. This has led to some confusion for app users, however; this should help you understand how it may (or may not) affect your taxes next year. Prior to this year, payment platforms…
Tax Returns in 2022
Last year more than 30 million taxpayers had their returns and refunds held up by the IRS, and with tax season in full swing many taxpayers could see a repeat of 2021. Based on the IRS’s sizable backlog of returns from 2021, with a few other issues, The Treasury Department officials warned in January that…
Tax Prep vs. Tax Planning
Tax preparation and tax planning are two different services. Tax preparation is a service that helps to make sure your tax reporting complies with both federal and state tax laws. However, tax planning is a service that assists you in optimizing your tax situation before reporting. The purpose of tax planning is to use legitimate…
Key Items Taxpayers Should Know
We strongly encourage taxpayers to get informed about topics related to filing their federal tax returns in 2022. These topics include charitable contributions, economic impact payments, and advance child tax credit payments. For online tools, publications, and other helpful resources, taxpayers can visit IRS.gov/getready. Changes to the charitable contribution deduction If you don’t itemize deductions…
Cryptocurrency & Taxes
Cryptocurrency has become popular for young professionals and investors. Many people buy only a few units to keep in hopes of future potential growth, but active investors are dedicated to buying and selling cryptocurrency to maximize their profit and revenue. When it comes to filing taxes, you do need to be aware that you may…
IRS Changes to Retirement Plans in 2022
This year, taxpayers can put an extra $1,000 into their 401(k) plans. The IRS recently announced that the 2022 contribution limit for 401(k) plans will increase to $20,500. The agency also announced cost of living adjustments that may affect pension plans and other retirement-related savings next year. The contribution limit for employees who participate in…
Saying Goodbye to 2021
The end of a year is filled with celebration of Christmas and festivities of ringing in a new year. However, for business owners it is also an important time to reflect on your financials, review your last year’s goals, and compare how your year went in regards to your budget and actual numbers. Business owners…
Daily & Weekly Accounting
Accounting is something small businesses should do on a regular basis. Small business owners often put off accounting when they become busy with assisting customers. However, when audit season comes small business owners will likely spend hours catching-up and trying to identify and resolve any accounting discrepancies. Accounting isn’t a monthly, quarterly, and yearly task,…
Steps to Reducing Your Taxes
Tax credits and deductions change regularly, and the Tax Cuts and Jobs Act of 2017 eliminated some deductions and limited some others. However, there are still ways for wage earners to lower their tax liability. Currently the federal income tax brackets range from 10% to 37%, but if you’re smart about claiming deductions and credits…
Tips on Effective Debt Management for Business Owners
It is important to have debt management skills when you own a business. However, if you find yourself further in-debt than you would like and you do not have debt management skills, don’t panic. There are options available. Below you will find useful and effective tips to assist you in taking control of your debts.…
Getting Ahead of the Game #TaxSeason
Preparing your taxes early can help in alleviating last minute stressors and assist you in being better organized as you begin those first dreaded months of the year. Taxpayers experience dread as the new year approaches, but due to the global pandemic changing so many things, tax dread only seems to be getting worse. Due…
Common Accounting Terms Explained
Accounting is the process of recording, assessing, and communicating financial transactions which helps individuals and organizations understand their financial health. This work is done by keeping track of expenses, profits, and losses. Effective accountants ensure clients understand their legal obligations, financial performance, and that they can develop budgets and plan for their future. However, business…
Is Accounting for Me?
Accounting is a lot of responsibility and can be monotonous. It is definitely not for everyone as accounting requires serious concentration, one small mistake can make for a huge error and possibly cost you your job. However, many individuals have all the important qualities that make for an amazing accountant. So if you wonder if…
Top Payroll Processing Software for 2022
Business owners can take their company to the next level by simplifying employee payments, tax filing, and more when they choose the right payroll processing software. Your choice in payroll software should make it easy to manage your company’s payroll, benefits, human resources, etc. in an all-in-one modern platform. We have done the research on…
Accounting for the Hospitality Industry
Accounting is an essential requirement for any business and the hospitality industry is no exception when it comes to this requirement. Accounting for the hospitality industry requires specialized accounting management skills to avoid an entire system of mismanagement and inefficiency. Even the basic principles of accounting can assist you in obtaining the information required to…
Planning Ahead: Micro-budgeting for the unexpected
Lately, we have all learned to expect the unexpected, especially when 2020 came around. For the year ahead, it is important to consider making a budget with that in mind. You really don’t even need to make a budget for the entire year, you could try structuring your spending and saving plan using a micro-budget.…
Accounting Software- Which one is the best?
While we did discuss tips and tricks for QuickBooks in our May blog post, there are other highly rated accounting softwares available. QuickBooks is the top-rated accounting software, but there are other names you may not recognize that also provide excellent features. Really the choice on softwares should be what suits your business the best…
QuickBooks Tips and Tricks for the Non-Tech-Savvy
You are most likely to think of QuickBooks if someone mentions accounting software for small businesses as QuickBooks is servicing 4.5 million global customers online, per Intuit Investor Day 2019. Forty percent of that number are small businesses, out of which 30% are product-based businesses. Learning and becoming familiar with QuickBooks should definitely be on…
Can Re-branding a Company be Easy?
Brand identity is extremely important when starting a new business. Branding should never be left to chance as any experienced business owner or entrepreneur can tell you; a business can build a strong brand identity only if it makes deliberate choices. Less experienced business owners and entrepreneurs can sometimes mistakenly believe that the brand identity…
Organization Tips to Simplify Personal Document Filing Include folder label ideas, tips on how long to hang on to various categories of documents, how and when to purge old files, etc.
Organizing your personal belongings is one of the most tedious, put off and difficult tasks for people to do. From not knowing what items to hang on to and how to organize them, important information and documents tend to get lost in the mix. This can become particularly difficult during important times such as; buying…
How to pay taxes as a freelance worker or sole proprietor.
Becoming a freelancer or sole proprietor can be extremely rewarding, it gives you the freedom to structure your work to fit your schedule. You are able to work when and how you want and take on the clients you choose to work with. It can also be extremely scary that there is not set structure…
E-Commerce Tax Considerations
If you run an E-commerce business you’ve got to be prepared for the upcoming items. Payment Gateways Trademarks, copyrights & patents Possible shipping restrictions Specific lease requirements Sales tax laws can be very tricky since the are so different from state to state laws. This large variation in rules is mainly due to the fact…
Late Filing Tax Tips
With the extension of tax day currently dated for July 15, 2020 you now have more time to prepare for filing, but if you’re waiting until the absolute last second to file your taxes, don’t worry, you’re not alone. Truthfully about 20% to 25% of Americans wait to prepare their returns. But delaying may cause more trouble…
3 Business Categories You’re Likely Overspending On
Have you ever looked at your P&L at the end of the year and thought, “Wow, I spent a lot of money” Looking at the categories, typically it would appear that you can’t cut costs here or there because everything seems necessary. After reviewing your It’s usually one of two things: not enough money coming…
Save money and stress as a business owner
Typically the more money in the checking account the less you tend to worry but when there’s a smaller amount, this brings the stress. This cycle could be never ending if you don’t begin to manage your money more effectively. We’ll show you 5 strategies to begin to manage your accounts which will lower your…
SBA LOAN 2020
Small Business Administration 7(a) better known as the SBA Loan is an amazing tool to finance your business.
What’s in a P&L?
What is a Profit & Loss Statement (P&L)? This is a financial statement that easily summarizes revenues, costs and expenses over a specific period of time. This can be monthly, quarterly or yearly depending on the time frame needed. This document provides information about a company’s opportunity to generate additional profits by increasing revenue or reducing…
Biggest Issues for Dental Accounting
With a new year comes old problems… or not? We’ve done extensive research and received an insight from some of our dentistry clients to address some of the issues they have faced and how they addressed these problems. 1. Annual Budgets. It’s pretty common to have the idea to create a budget. Where many fall…
Should I hire an outside Accountant?
Outsourcing has become a new wave for many small to large companies. Hiring trusted accounting companies versus an in house accountant frees up time and resources that the company can utilize elsewhere. Here are some reasons that many businesses have begun to outsource their accounting needs. SAVING YOU MONEY Outsourcing first and for most is…
What Makes an Accountant “Good”?
There are good accountants and there are bad accountants. It’s not a lie that accounting isn’t for everyone, but when it comes to your financials, you have to be wary. Organization Why does this matter? You are trusting them to organize and bring order to your financial situation. If you meet with your accountant and…
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